World’s largest mining farm in Armenia

The Armenian conglomerate Multi Group, founded by oligarch and politician Gagik Tsarukyan, and controversial international mining firm Omnia Tech jointly started a new mining farm which touting itself as one of the “world’s largest”.The Armenian Prime Minister and other top officials were reportedly in attendance.

Tsarukyan is the founder of Tsarukyan Alliance, is set to be the “key” business partner of former Armenian President Robert Kocharyan.

In an event News Armenia says that:

“This is an important step towards the development of the information technology sector, especially since representatives of foreign business circles are planning to meet with government members to find out the possibilities of new and more ambitious investments in the Armenian economy and expanding the base of cooperation.”

News Armenia reports say the following:

Around $50 million has been invested in the creation of the new mining farm.

Omnia is the owner of equipment used in farms.

Omnia provides Genesis with mining equipment and finances its servicing.

The latter point is highly controversial given that in 2017, Omnia was accused of misappropriating the Genesis brand name and falsely claiming to have an association with the high-profile firm.Omnia was further accused of operating a pyramid scheme by security researcher Chris Kubecka, who similarly underscored the company’s false claims to have a legitimate association with Genesis.

As previously reported, Russian Prime Minister Dmitry Medvedev has proposed that all countries in the Eurasian Economic Union (EAEU), including Armenia, should be part of a unified crypto-regulatory approach, given the “strong” and “close” economic ties between the bloc’s members.